Changes to capital gains tax
Dave: Was there any change in capital gains tax in the budget?
There were no changes to capital gains tax announced in this year’s budget. However, the Government’s National Recovery plan, which was published two weeks before the budget, stated that the base for CGT will be broadened while the levels of reliefs and exemptions for these taxes will be reduced. In 2012, the current CGT rate of 25pc will be changed to a system of differing rates for different levels of gains.